There is a growing concern about AI replacing human workers in almost all areas thus spelling out the fears of massive job loss, rise of robots and sophisticated computer changes to replace our world as we know it.  AI is being increasingly used in Financial Institutions where anyone availing robotic advisory services or has paid for transactions using bitcoins has also made use of AI in finance. We have probably noticed banks cutting on their staffs for addressing questions and processing transactions. This is because such financial institutions are deploying AI to help manage complicated programs, automate some trading systems and minimize the need for human support. It also plays an important role in helping with fraud detection and smart banking. Because of such advanced capabilities of AI, researchers like Bill Gates, Stephen Hawking, Steve Wozniak and Elon Musk have pointed out the growing possibilities of AI developing  destructive methods against humans or teaching itself over time to fight against humans as it sees itself as a super intelligent system. According to the recent estimates by the experts, AI will gradually replace workers who perform repetitive tasks, thus predicting job loss numbers as high as 800 million people by 2030.

Read more at: https://finance.toolbox.com/articles/ai-in-finance-present-concerns-and-future-applications

Artificial Intelligence is a reality today and is impacting our lives in every sphere be it the voice assistant SIRI in our smartphones or the Netflix recommendations we receive. AI is a blend of three advanced technologies- machine learning, natural language processing and cognitive computing. Banking is one industry that has been impacted by AI more than any other. The key application of AI that revolutionizes the banking industry over the last 5 years includes:
1. Anti- Money Laundering (AML) pattern Detection:
2. Chatbots for better customer interaction 24x7.
3. Algorithmic Trading
4. Fraud Detection using Machine Learning algorithms
5. Customer recommendation using recommendation engines
For smaller banks, AI can make a greater impact in differentiating them against intense completion from larger banks where they can benefit from operational efficiency.

 Read more at https://www.analyticsvidhya.com/blog/2017/04/5-ai-applications-in-banking-to-look-out-for-in-next-5-years/